The Cabinet of Ministers has amended the "Rules for providing information on the founders (participants) of commercial legal entities, their shares in the charter capital, and the owners of securities to responsible persons," approved by the decision dated October 10, 2018.
Medianews.az reports that in this regard, Prime Minister Ali Asadov has signed a new order.
According to the decision, the concept of a beneficial owner (the real owner behind) has been removed from the Rules and replaced by the concept of founders (officially registered owners) of commercial legal entities.
Thus, from now on, financial institutions will be provided with information not about beneficial owners but about the founders (participants) of commercial legal entities, their shares in the charter capital, and the owners of securities.